South Plains Financial, Inc. Reports Second Quarter 2025 Financial Results

LUBBOCK, Texas, July 16, 2025 (GLOBE NEWSWIRE) -- South Plains Financial, Inc. (NASDAQ:SPFI) (“South Plains” or the “Company”), the parent company of City Bank (“City Bank” or the “Bank”), today reported its financial results for the quarter ended June 30, 2025. Second Quarter 2025 Highlights Net income for the second quarter of 2025 was $14.6 million, compared to $12.3 million for the first quarter of 2025 and $11.1 million for the second quarter of 2024.Diluted earnings per share for the second quarter of 2025 was $0.86, compared to $0.72 for the first quarter of 2025 and $0.66 for the second quarter of 2024.Average cost of deposits for the second quarter of 2025 was 214 basis points, compared to 219 basis points for the first quarter of 2025 and 243 basis points for the second quarter of 2024.Net interest margin, on a tax-equivalent basis, was 4.07% for the second quarter of 2025, compared to 3.81% for the first quarter of 2025 and 3.63% for the second quarter of 2024.Return on average assets for the second quarter of 2025 was 1.34%, compared to 1.16% for the first quarter of 2025 and 1.07% for the second quarter of 2024.Tangible book value (non-GAAP) per share was $26.70 as of June 30, 2025, compared to $26.05 as of March 31, 2025 and $24.15 as of June 30, 2024.The consolidated total risk-based capital ratio, common equity tier 1 risk-based capital ratio, and tier 1 leverage ratio at June 30, 2025 were 18.17%, 13.86%, and 12.12%, respectively. Curtis Griffith, South Plains’ Chairman and Chief Executive Officer, commented, “We delivered solid second quarter results highlighted by steady margin expansion, continued loan growth despite high levels of loan payoffs, which were expected, and healthy capital levels that continued to build through the quarter. Additionally, we believe the credit quality of our loan portfolio remained solid through the quarter. We believe that we are in a strong position to take advantage of opportunities as they present themselves and are pursuing a strategy to increase the assets of the Bank primarily focused on expanding our lending capabilities. Our community-based deposit franchise continues to provide a stable, lower-cost funding source for loan growth across our markets and our team has done a terrific job growing our loan portfolio over the last five years. We believe that we have opportunities to accelerate that growth by further expanding our lending platform and adding experienced commercial lenders who share our culture and values, and who can bring high quality customer relationships to the Bank. We recruited several experienced lenders in the Dallas market during the second quarter and will continue to add talent in the quarters to come as we expand our reach and continue to work to take market share.” Results of Operations, Quarter Ended June 30, 2025 Net Interest Income Net interest income was $42.5 million for the second quarter of 2025, compared to $38.5 million for the first quarter of 2025 and $35.9 million for the second quarter of 2024. Net interest margin, calculated on a tax-equivalent basis, was 4.07% for the second quarter of 2025, compared to 3.81% for the first quarter of 2025 and 3.63% for the second quarter of 2024. The average yield on loans was 6.99% for the second quarter of 2025, compared to 6.67% for the first quarter of 2025 and 6.60% for the second quarter of 2024. The average cost of deposits was 214 basis points for the second quarter of 2025, which is 5 basis points lower than the first quarter of 2025 and 29 basis points lower than the second quarter of 2024. There was a recovery of $1.7 million in interest during the second quarter of 2025, related to a full repayment of a loan that had previously been on nonaccrual. This recovery positively impacted the net interest margin by 17 basis points and the loan yield by 23 basis points during the second quarter of 2025. Interest income was $64.1 million for the second quarter of 2025, compared to $59.9 million for the first quarter of 2025 and $59.2 million for the second quarter of 2024. Interest income increased $4.2 million in the second quarter of 2025 from the first quarter of 2025, which was primarily comprised of an increase of $3.3 million in loan interest income and an increase of $888 thousand in interest income on other earning assets. The increase in loan interest income was due primarily to the $1.7 million recovery of interest and growth of $20.0 million in average loans outstanding during the second quarter of 2025. The increase in interest income on other earning assets was mainly due to an increase of $69.8 million in average other interest-earning assets during the second quarter of 2025. Interest income increased $4.9 million in the second quarter of 2025 compared to the second quarter of 2024. This increase was primarily due to the $1.7 million recovery of interest and an increase of average loans of $12.0 million and higher loan interest rates during the period, resulting in growth of $3.3 million in loan interest income. Interest expense was $21.6 million for the second quarter of 2025, compared to $21.4 million for the first quarter of 2025 and $23.3 million for the second quarter of 2024. Interest expense increased $237 thousand compared to the first quarter of 2025 and decreased $1.7 million compared to the second quarter of 2024. The $237 thousand increase was primarily as a result of a $21.2 million increase in average interest-bearing deposits during the second quarter of 2025 as compared to the first quarter of 2025. The $1.7 million decrease was primarily as a result of a 42 basis point decline in the cost of interest-bearing deposits, partially offset by an increase of $151.3 million in average interest-bearing deposits in the second quarter of 2025 as compared to the second quarter of 2024. Noninterest Income and Noninterest Expense Noninterest income was $12.2 million for the second quarter of 2025, compared to $10.6 million for the first quarter of 2025 and $12.7 million for the second quarter of 2024. The increase from the first quarter of 2025 was primarily due to an increase of $1.5 million in mortgage banking revenues, mainly as a result of an increase of $1.4 million in the fair value adjustment of the mortgage servicing rights assets as interest rates that affect the value stabilized in the second quarter of 2025 after declining in the first quarter of 2025. The decrease in noninterest income for the second quarter of 2025 as compared to the second quarter of 2024 was primarily due to a decrease of $523 thousand in income from investments in Small Business Investment Companies. Noninterest expense was $33.5 million for the second quarter of 2025, compared to $33.0 million for the first quarter of 2025 and $32.6 million for the second quarter of 2024. The $513 thousand increase from the first quarter of 2025 was largely the result of an increase of $267 thousand in personnel expenses and $144 thousand in increased professional service expenses. The $971 thousand increase in noninterest expense for the second quarter of 2025 as compared to the second quarter of 2024 was largely the result of an increase of $509 thousand in personnel expenses, mainly a result of annual salary adjustments. Loan Portfolio and Composition Loans held for investment were $3.10 billion as of June 30, 2025, compared to $3.08 billion as of March 31, 2025 and $3.09 billion as of June 30, 2024. The increase of $23.1 million, or 3.0% annualized, during the second quarter of 2025 as compared to the first quarter of 2025 occurred primarily as a result of organic loan growth experienced broadly across the portfolio, partially offset by a decrease of $52.6 million in multi-family property loans mainly due to the payoff of three loans totaling $49.1 million. As of June 30, 2025, loans held for investment increased $4.7 million, or 0.2%, from June 30, 2024. Deposits and Borrowings Deposits totaled $3.74 billion as of June 30, 2025, compared to $3.79 billion as of March 31, 2025 and $3.62 billion as of June 30, 2024. Deposits decreased by $53.6 million, or 1.4%, in the second quarter of 2025 from March 31, 2025. Deposits increased by $114.4 million, or 3.2%, at June 30, 2025 as compared to June 30, 2024. Noninterest-bearing deposits were $998.8 million as of June 30, 2025, compared to $966.5 million as of March 31, 2025 and $951.6 million as of June 30, 2024. Noninterest-bearing deposits represented 26.7% of total deposits as of June 30, 2025. The quarterly change in total deposits was mainly due to a seasonal decrease of $73.7 million in public fund deposits, partially offset by organic growth in retail and commercial deposits. The year-over-year increase in total deposits was primarily the result of continued organic growth in retail and commercial deposits. Asset Quality The Company recorded a provision for credit losses in the second quarter of 2025 of $2.5 million, compared to $420 thousand in the first quarter of 2025 and $1.8 million in the second quarter of 2024. The provision during the second quarter of 2025 was largely attributable to an increase in specific reserves, net charge-off activity, increased loan balances, and several credit quality downgrades. The ratio of allowance for credit losses to loans held for investment was 1.45% as of June 30, 2025, compared to 1.40% as of March 31, 2025 and 1.40% as of June 30, 2024. The ratio of nonperforming assets to total assets was 0.25% as of June 30, 2025, compared to 0.16% as of March 31, 2025 and 0.57% as of June 30, 2024. Annualized net charge-offs were 0.06% for the second quarter of 2025, compared to 0.07% for the first quarter of 2025 and 0.10% for the second quarter of 2024. Capital Book value per share increased to $27.98 at June 30, 2025, compared to $27.33 at March 31, 2025. The change was primarily driven by $12.2 million of net income after dividends paid, partially offset by a decrease in accumulated other comprehensive income of $2.3 million. The ratio of tangible common equity to tangible assets (non-GAAP) increased 34 basis points to 9.98% during the second quarter of 2025. Conference Call South Plains will host a conference call to discuss its second quarter 2025 financial results today, July 16, 2025, at 5:00 p.m., Eastern Time. Investors and analysts interested in participating in the call are invited to dial 1-877-407-9716 (international callers please dial 1-201-493-6779) approximately 10 minutes prior to the start of the call. A live audio webcast of the conference call and conference materials will be available on the Company’s website at https://www.spfi.bank/news-events/events. A replay of the conference call will be available within two hours of the conclusion of the call and can be accessed on the investor section of the Company’s website as well as by dialing 1-844-512-2921 (international callers please dial 1-412-317-6671). The pin to access the telephone replay is 13754259. The replay will be available until July 30, 2025. About South Plains Financial, Inc. South Plains is the bank holding company for City Bank, a Texas state-chartered bank headquartered in Lubbock, Texas. City Bank is one of the largest independent banks in West Texas and has additional banking operations in the Dallas, El Paso, Greater Houston, the Permian Basin, and College Station, Texas markets, and the Ruidoso, New Mexico market. South Plains provides a wide range of commercial and consumer financial services to small and medium-sized businesses and individuals in its market areas. Its principal business activities include commercial and retail banking, along with investment, trust and mortgage services. Please visit https://www.spfi.bank for more information. Non-GAAP Financial Measures Some of the financial measures included in this press release are not measures of financial performance recognized in accordance with generally accepted accounting principles in the United States (“GAAP”). These non-GAAP financial measures include Tangible Book Value Per Share, Tangible Common Equity to Tangible Assets, and Pre-Tax, Pre-Provision Income. The Company believes these non-GAAP financial measures provide both management and investors a more complete understanding of the Company’s financial position and performance. These non-GAAP financial measures are supplemental and are not a substitute for any analysis based on GAAP financial measures. We classify a financial measure as being a non-GAAP financial measure if that financial measure excludes or includes amounts, or is subject to adjustments that have the effect of excluding or including amounts, that are included or excluded, as the case may be, in the most directly comparable measure calculated and presented in accordance with GAAP as in effect from time to time in the United States in our statements of income, balance sheets or statements of cash flows. Not all companies use the same calculation of these measures; therefore, this presentation may not be comparable to other similarly titled measures as presented by other companies. A reconciliation of non-GAAP financial measures to GAAP financial measures is provided at the end of this press release. Available Information The Company routinely posts important information for investors on its web site (under www.spfi.bank and, more specifically, under the News & Events tab at www.spfi.bank/news-events/press-releases). The Company intends to use its web site as a means of disclosing material non-public information and for complying with its disclosure obligations under Regulation FD (Fair Disclosure) promulgated by the U.S. Securities and Exchange Commission (the “SEC”). Accordingly, investors should monitor the Company’s web site, in addition to following the Company’s press releases, SEC filings, public conference calls, presentations and webcasts. The information contained on, or that may be accessed through, the Company’s web site is not incorporated by reference into, and is not a part of, this document. Forward Looking Statements This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements reflect South Plains’ current views with respect to future events and South Plains’ financial performance. Any statements about South Plains’ expectations, beliefs, plans, predictions, forecasts, objectives, assumptions or future events or performance are not historical facts and may be forward-looking. These statements are often, but not always, made through the use of words or phrases such as “anticipate,” “believes,” “can,” “could,” “may,” “predicts,” “potential,” “should,” “will,” “estimate,” “plans,” “projects,” “continuing,” “ongoing,” “expects,” “intends” and similar words or phrases. South Plains cautions that the forward-looking statements in this press release are based largely on South Plains’ expectations and are subject to a number of known and unknown risks and uncertainties that are subject to change based on factors which are, in many instances, beyond South Plains’ control. Factors that could cause such changes include, but are not limited to, the impact on us and our customers of a decline in general economic conditions and any regulatory responses thereto; potential recession in the United States and our market areas; the impacts related to or resulting from uncertainty in the banking industry as a whole; increased competition for deposits in our market areas and related changes in deposit customer behavior; the impact of changes in market interest rates, whether due to a continuation of the elevated interest rate environment or further reductions in interest rates and a resulting decline in net interest income; the lingering inflationary pressures, and the risk of the resurgence of elevated levels of inflation, in the United States and our market areas; the uncertain impacts of ongoing quantitative tightening and current and future monetary policies of the Board of Governors of the Federal Reserve System; changes in unemployment rates in the United States and our market areas; adverse changes in customer spending and savings habits; declines in commercial real estate values and prices; a deterioration of the credit rating for U.S. long-term sovereign debt or uncertainty regarding United States fiscal debt, deficit and budget matters; cyber incidents or other failures, disruptions or breaches of our operational or security systems or infrastructure, or those of our third-party vendors or other service providers, including as a result of cyber-attacks; severe weather, natural disasters, acts of war or terrorism, geopolitical instability or other external events, including as a result of the policies of the current U.S. presidential administration or Congress; the impacts of tariffs, sanctions and other trade policies of the United States and its global trading counterparts and the resulting impact on the Company and its customers; competition and market expansion opportunities; changes in non-interest expenditures or in the anticipated benefits of such expenditures; the risks related to the development, implementation, use and management of emerging technologies, including artificial intelligence and machine learnings; potential costs related to the impacts of climate change; current or future litigation, regulatory examinations or other legal and/or regulatory actions; and changes in applicable laws and regulations. Additional information regarding these risks and uncertainties to which South Plains’ business and future financial performance are subject is contained in South Plains’ most recent Annual Report on Form 10-K and Quarterly Reports on Form 10-Q on file with the SEC, including the sections entitled “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” of such documents, and other documents South Plains files or furnishes with the SEC from time to time, which are available on the SEC’s website, www.sec.gov. Actual results, performance or achievements could differ materially from those contemplated, expressed, or implied by the forward-looking statements due to additional risks and uncertainties of which South Plains is not currently aware or which it does not currently view as, but in the future may become, material to its business or operating results. Due to these and other possible uncertainties and risks, the Company can give no assurance that the results contemplated in the forward-looking statements will be realized and readers are cautioned not to place undue reliance on the forward-looking statements contained in this press release. Any forward-looking statements presented herein are made only as of the date of this press release, and South Plains does not undertake any obligation to update or revise any forward-looking statements to reflect changes in assumptions, new information, the occurrence of unanticipated events, or otherwise, except as required by applicable law. All forward-looking statements, express or implied, included in the press release are qualified in their entirety by this cautionary statement. Source: South Plains Financial, Inc. South Plains Financial, Inc.Consolidated Financial Highlights - (Unaudited)(Dollars in thousands, except share data) As of and for the quarter ended June 30,2025 March 31,2025 December 31,2024 September 30,2024 June 30,2024Selected Income Statement Data: Interest income$64,135 $59,922 $61,324 $61,640 $59,208 Interest expense 21,632 21,395 22,776 24,346 23,320 Net interest income 42,503 38,527 38,548 37,294 35,888 Provision for credit losses 2,500 420 1,200 495 1,775 Noninterest income 12,165 10,625 13,319 10,635 12,709 Noninterest expense 33,543 33,030 29,948 33,128 32,572 Income tax expense 4,020 3,408 4,222 3,094 3,116 Net income 14,605 12,294 16,497 11,212 11,134 Per Share Data (Common Stock): Net earnings, basic$0.90 $0.75 $1.01 $0.68 $0.68 Net earnings, diluted 0.86 0.72 0.96 0.66 0.66 Cash dividends declared and paid 0.15 0.15 0.15 0.14 0.14 Book value 27.98 27.33 26.67 27.04 25.45 Tangible book value (non-GAAP) 26.70 26.05 25.40 25.75 24.15 Weighted average shares outstanding, basic 16,231,627 16,415,862 16,400,361 16,386,079 16,425,360 Weighted average shares outstanding, dilutive 16,886,993 17,065,599 17,161,646 17,056,959 16,932,077 Shares outstanding at end of period 16,230,475 16,235,647 16,455,826 16,386,627 16,424,021 Selected Period End Balance Sheet Data: Cash and cash equivalents$470,496 $536,300 $359,082 $471,167 $298,006 Investment securities 570,000 571,527 577,240 606,889 591,031 Total loans held for investment 3,098,978 3,075,860 3,055,054 3,037,375 3,094,273 Allowance for credit losses 45,010 42,968 43,237 42,886 43,173 Total assets 4,363,674 4,405,209 4,232,239 4,337,659 4,220,936 Interest-bearing deposits 2,740,179 2,826,055 2,685,366 2,720,880 2,672,948 Noninterest-bearing deposits 998,759 966,464 935,510 998,480 951,565 Total deposits 3,738,938 3,792,519 3,620,876 3,719,360 3,624,513 Borrowings 111,799 110,400 110,354 110,307 110,261 Total stockholders’ equity 454,074 443,743 438,949 443,122 417,985 Summary Performance Ratios: Return on average assets (annualized) 1.34% 1.16% 1.53% 1.05% 1.07%Return on average equity (annualized) 13.05% 11.30% 14.88% 10.36% 10.83%Net interest margin (1) 4.07% 3.81% 3.75% 3.65% 3.63%Yield on loans 6.99% 6.67% 6.69% 6.68% 6.60%Cost of interest-bearing deposits 2.91% 2.93% 3.12% 3.36% 3.33%Efficiency ratio 61.11% 66.90% 57.50% 68.80% 66.72%Summary Credit Quality Data: Nonperforming loans$10,463 $6,467 $24,023 $24,693 $23,452 Nonperforming loans to total loans held for investment 0.34% 0.21% 0.79% 0.81% 0.76%Other real estate owned$535 $600 $530 $973 $755 Nonperforming assets to total assets 0.25% 0.16% 0.58% 0.59% 0.57%Allowance for credit losses to total loans held for investment 1.45% 1.40% 1.42% 1.41% 1.40%Net charge-offs to average loans outstanding (annualized) 0.06% 0.07% 0.11% 0.11% 0.10% As of and for the quarter ended June 302025 March 31,2025 December 31,2024 September 30,2024 June 30,2024Capital Ratios: Total stockholders’ equity to total assets 10.41% 10.07% 10.37% 10.22% 9.90%Tangible common equity to tangible assets (non-GAAP) 9.98% 9.64% 9.92% 9.77% 9.44%Common equity tier 1 to risk-weighted assets 13.86% 13.59% 13.53% 13.25% 12.61%Tier 1 capital to average assets 12.12% 12.04% 12.04% 11.76% 11.81%Total capital to risk-weighted assets 18.17% 17.93% 17.86% 17.61% 16.86% (1) Net interest margin is calculated as the annual net interest income, on a fully tax-equivalent basis, divided by average interest-earning assets. South Plains Financial, Inc.Average Balances and Yields - (Unaudited)(Dollars in thousands) For the Three Months Ended June 30, 2025 June 30, 2024 AverageBalance Interest Yield/Rate AverageBalance Interest Yield/RateAssets Loans$3,094,558 $53,894 6.99% $3,082,601 $50,579 6.60%Debt securities - taxable 508,508 4,700 3.71% 533,553 5,285 3.98%Debt securities - nontaxable 152,202 1,015 2.67% 155,408 1,022 2.64%Other interest-bearing assets 456,818 4,747 4.17% 225,720 2,545 4.53% Total interest-earning assets 4,212,086 64,356 6.13% 3,997,282 59,431 5.98%Noninterest-earning assets 166,763 171,472 Total assets$4,378,849 $4,168,754 Liabilities & stockholders’ equity NOW, Savings, MMDA’s$2,326,779 15,890 2.74% $2,221,427 17,652 3.20%Time deposits 438,697 4,172 3.81% 392,778 3,977 4.07%Short-term borrowings 18 - 0.00% 3 - 0.00%Notes payable & other long-term borrowings - - 0.00% - - 0.00%Subordinated debt 64,031 835 5.23% 63,845 835 5.26%Junior subordinated deferrable interest debentures 46,393 735 6.35% 46,393 856 7.42% Total interest-bearing liabilities 2,875,918 21,632 3.02% 2,724,446 23,320 3.44%Demand deposits 990,343 960,106 Other liabilities 63,679 70,854 Stockholders’ equity 448,909 413,348 Total liabilities & stockholders’ equity$4,378,849 $4,168,754 Net interest income $42,724 $36,111 Net interest margin (2) 4.07% 3.63% (1) Average loan balances include nonaccrual loans and loans held for sale.(2) Net interest margin is calculated as the annualized net interest income, on a fully tax-equivalent basis, divided by average interest-earning assets. South Plains Financial, Inc.Average Balances and Yields - (Unaudited)(Dollars in thousands) For the Six Months Ended June 30, 2025 June 30, 2024 AverageBalance Interest Yield/Rate AverageBalance Interest Yield/RateAssets Loans$3,084,563 $104,471 6.83% $3,048,569 $99,519 6.56%Debt securities - taxable 509,431 9,392 3.72% 543,817 10,796 3.99%Debt securities - nontaxable 152,716 2,029 2.68% 155,831 2,046 2.64%Other interest-bearing assets 421,899 8,606 4.11% 262,345 6,020 4.61% Total interest-earning assets 4,168,609 124,498 6.02% 4,010,562 118,381 5.94%Noninterest-earning assets 169,222 177,882 Total assets$4,337,831 $4,188,444 Liabilities & stockholders’ equity NOW, Savings, MMDA’s$2,314,562 31,401 2.74% $2,253,704 35,649 3.18%Time deposits 440,297 8,488 3.89% 383,816 7,643 4.00%Short-term borrowings 11 - 0.00% 3 - 0.00%Notes payable & other long-term borrowings - - 0.00% - - 0.00%Subordinated debt 64,008 1,670 5.26% 63,822 1,670 5.26%Junior subordinated deferrable interest debentures 46,393 1,468 6.38% 46,393 1,717 7.44% Total interest-bearing liabilities 2,865,271 43,027 3.03% 2,747,738 46,679 3.42%Demand deposits 962,557 959,219 Other liabilities 64,875 70,856 Stockholders’ equity 445,128 410,631 Total liabilities & stockholders’ equity$4,337,831 $4,188,444 Net interest income $81,471 $71,702 Net interest margin (2) 3.94% 3.60% (1) Average loan balances include nonaccrual loans and loans held for sale.(2) Net interest margin is calculated as the annualized net interest income, on a fully tax-equivalent basis, divided by average interest-earning assets. South Plains Financial, Inc.Consolidated Balance Sheets(Unaudited)(Dollars in thousands) As of June 30,2025 December 31,2024 Assets Cash and due from banks$60,400 $54,114 Interest-bearing deposits in banks 410,096 304,968 Securities available for sale 570,000 577,240 Loans held for sale 17,182 20,542 Loans held for investment 3,098,978 3,055,054 Less: Allowance for credit losses (45,010) (43,237)Net loans held for investment 3,053,968 3,011,817 Premises and equipment, net 51,329 52,951 Goodwill 19,315 19,315 Intangible assets 1,417 1,720 Mortgage servicing rights 25,134 26,292 Other assets 154,833 163,280 Total assets$4,363,674 $4,232,239 Liabilities and Stockholders’ Equity Noninterest-bearing deposits$998,759 $935,510 Interest-bearing deposits 2,740,179 2,685,366 Total deposits 3,738,938 3,620,876 Short-term borrowings 1,352 — Subordinated debt 64,054 63,961 Junior subordinated deferrable interest debentures 46,393 46,393 Other liabilities 58,863 62,060 Total liabilities 3,909,600 3,793,290 Stockholders’ Equity Common stock 16,230 16,456 Additional paid-in capital 90,268 97,287 Retained earnings 407,822 385,827 Accumulated other comprehensive income (loss) (60,246) (60,621)Total stockholders’ equity 454,074 438,949 Total liabilities and stockholders’ equity$4,363,674 $4,232,239 South Plains Financial, Inc.Consolidated Statements of Income(Unaudited)(Dollars in thousands) Three Months Ended Six Months Ended June 30,2025 June 30,2024 June 30,2025 June 30,2024 Interest income: Loans, including fees$53,886 $50,571 $104,456 $99,503Other 10,249 8,637 19,601 18,432Total interest income 64,135 59,208 124,057 117,935Interest expense: Deposits 20,062 21,629 39,889 43,292Subordinated debt 835 835 1,670 1,670Junior subordinated deferrable interest debentures 735 856 1,468 1,717Other - - - -Total interest expense 21,632 23,320 43,027 46,679Net interest income 42,503 35,888 81,030 71,256Provision for credit losses 2,500 1,775 2,920 2,605Net interest income after provision for credit losses 40,003 34,113 78,110 68,651Noninterest income: Service charges on deposits 2,098 1,949 4,239 3,762Mortgage banking activities 3,606 3,397 5,719 7,342Bank card services and interchange fees 3,771 4,052 7,150 7,113Other 2,690 3,311 5,682 5,901Total noninterest income 12,165 12,709 22,790 24,118Noninterest expense: Salaries and employee benefits 19,708 19,199 39,149 38,187Net occupancy expense 3,972 4,029 7,999 7,949Professional services 1,874 1,738 3,604 3,221Marketing and development 919 860 1,824 1,614Other 7,070 6,746 13,997 13,531Total noninterest expense 33,543 32,572 66,573 64,502Income before income taxes 18,625 14,250 34,327 28,267Income tax expense 4,020 3,116 7,428 6,259Net income$14,605 $11,134 $26,899 $22,008 South Plains Financial, Inc.Loan Composition(Unaudited)(Dollars in thousands) As of June 30,2025 December 31,2024 Loans: Commercial Real Estate$1,085,309 $1,119,063Commercial - Specialized 379,068 388,955Commercial - General 620,934 557,371Consumer: 1-4 Family Residential 589,935 566,400Auto Loans 258,193 254,474Other Consumer 63,589 64,936Construction 101,950 103,855Total loans held for investment$3,098,978 $3,055,054 South Plains Financial, Inc.Deposit Composition(Unaudited)(Dollars in thousands) As of June 30,2025 December 31,2024 Deposits: Noninterest-bearing deposits$998,759 $935,510NOW & other transaction accounts 1,244,023 498,718MMDA & other savings 1,072,010 1,741,988Time deposits 424,146 444,660Total deposits$3,738,938 $3,620,876 South Plains Financial, Inc.Reconciliation of Non-GAAP Financial Measures (Unaudited)(Dollars in thousands) For the quarter ended June 30,2025 March 31,2025 December 31,2024 September 30,2024 June 30,2024Pre-tax, pre-provision income Net income$14,605 $12,294 $16,497 $11,212 $11,134 Income tax expense 4,020 3,408 4,222 3,094 3,116 Provision for credit losses 2,500 420 1,200 495 1,775 Pre-tax, pre-provision income$21,125 $16,122 $21,919 $14,801 $16,025 As of June 30,2025 March 31,2025 December 31,2024 September 30,2024 June 30,2024Tangible common equity Total common stockholders’ equity$454,074 $443,743 $438,949 $443,122 $417,985 Less: goodwill and other intangibles (20,732) (20,884) (21,035) (21,197) (21,379) Tangible common equity$433,342 $422,859 $417,914 $421,925 $396,606 Tangible assets Total assets$4,363,674 $4,405,209 $4,232,239 $4,337,659 $4,220,936 Less: goodwill and other intangibles (20,732) (20,884) (21,035) (21,197) (21,379) Tangible assets$4,342,942 $4,384,325 $4,211,204 $4,316,462 $4,199,557 Shares outstanding 16,230,475 16,235,647 16,455,826 16,386,627 16,424,021 Total stockholders’ equity to total assets 10.41% 10.07% 10.37% 10.22% 9.90%Tangible common equity to tangible assets 9.98% 9.64% 9.92% 9.77% 9.44%Book value per share$27.98 $27.33 $26.67 $27.04 $25.45 Tangible book value per share$26.70 $26.05 $25.40 $25.75 $24.15

South Plains Financial, Inc. Reports Second Quarter 2025 Financial Results

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